Most shipping companies are not susceptible of being reorganized under Chapter 11 of the U.S. Bankruptcy Code, as amended, (the ‘Code’) or the bankruptcy or insolvency laws of leading foreign maritime nations. Moreover, despite the present depressed state of key segments of the maritime industry and the recent incidence of maritime insolvencies, few companies in the industry have sought protection under Chapter 11. For those companies that have filed under Chapter 11, rehabilitation has been rare. The reasons behind these phenomena are instructive in identifying those elements necessary for a successful plan of reorganization. Some elements are peculiar to the maritime industry. Some certainly are not.